Bad news for SA coal exporters is that India’s state-controlled mining company is pushing ahead with plans to replace up to 100m tonnes of imported thermal coal with its own domestic coal in the coming year. Indian imports for 2019 are estimated at around 200m tonnes of thermal coal, much of that from South Africa. However, market prices were up as the monthly rollover saw a higher API#4 number on financial markets. The wider global energy complex also saw some big moves higher with US crude oil reaching $40 again, and carbon prices almost back to pre-Corona levels.
